On Thursday, the USD/JPY currency pair traded sideways at the psychological level at 107.80. During Friday’s morning, the pair jumped to the 108.00 mark.
It is likely, that the exchange rate could maintain its growth in the short run due to the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 107.80/107.98 range. In this case, the rate could reach the upper boundary of the medium-term descending channel located circa 108.30.
On the other hand, the pair could reverse south in the nearest future. If the given support cluster does not hold, the pair could tumble to the weekly PP located at 107.63.
